Africa’s economic future hinges on innovation and integration, says Ronak Gopaldas at IRFA 2026

Political economist Ronak Gopaldas has urged Africa to forge its own path to prosperity, telling delegates at the Institute of Retirement Funds Africa (IRFA) Conference 2026 that innovation and integration are the continent’s greatest assets in an uncertain world.

Speaking at the Cape Town International Convention Centre on Monday 7 September 2026, Gopaldas delivered the keynote address on the conference theme A New World A New Normal, highlighting the profound global shifts of recent years. These have included the COVID-19 pandemic, the Gaza and Russia-Ukraine conflicts, and rising tensions between the US and Iran and the Strait of Hormuz crisis.

Africa’s strategic importance, he said, stems from its demographic growth and resource wealth – particularly in critical minerals for the digital economy – but the continent cannot simply replicate the industrialisation path taken by other regions. “If we’ve learnt anything from the last few years, it is that nobody’s coming to save the African continent. We need to bet on ourselves because we’re in a world of self-interest, of insularity, and every man for himself,” Gopaldas said.

He warned that the Iran situation would constrain fiscal space, particularly around political and election cycles, with food and fuel prices becoming politically sensitive. The knock-on effects in an environment of structurally higher interest and inflation rates were something investors and decision makers needed to watch closely, he added.

Gopaldas argued that Africa’s voice carries weight when its 54 countries act collectively, pointing to the Continental Free Trade Area as a vehicle for greater cohesion. Too much fragmentation remained, however. “This creates an economy of almost $3 trillion which is bigger than India, which no investor, regardless of who they are, can ignore. It is not easy to coordinate with 54 countries, but the reality is that Africa will be divided and conquered unless it starts to integrate,” he said.

Turning to innovation, Gopaldas pointed to advances in medical and agricultural technology that had grown out of necessity as evidence of Africa’s capacity for creative problem-solving. “Innovation is Africa’s superpower. There are things that we can do in Africa when we’ve got the means, and we need to double down on our innovation,” he said.

Infrastructure, however, remained the most critical priority. “This speaks to connectivity and has to be the priority for every policymaker. That’s also where capital needs to lead to if we are going to turn our fortunes around as a continent.” Gopaldas warned that the shifting geopolitical landscape demanded a new approach from business leaders, advising delegates to understand corporate foreign policy to the point where the chief executive officer needed to transform into a “chief political officer”.

“This will affect all aspects of your business, whether it’s growth, inflation rates, supply chains. Disruption is here for the course,” he said. He also pointed to a broader shift away from the West towards countries in the East and Global South – India, China, Africa and the Middle East – and argued that the emerging fifth industrial revolution must be people-centric.

“We are in this new digital tech-led economy, the fifth industrial revolution. The issue with the previous iteration of this is that we left people behind and we left the environment behind. The new fifth industrial revolution needs to be people-centric. The things that are going to matter here are EQ more than IQ. As knowledge tends towards zero, the things that make us human, such as judgment, EQ, social skills, creativity and curiosity, are going to count,” he said.

He concluded that despite the challenges, opportunities remained abundant. “The playbook is to be strategically pragmatic, but irrationally optimistic. And anyone who does business in South Africa and across the African continent knows you have to be irrationally optimistic.”